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Allowing the government's appeal, the tribunal set aside the NCLT Mumbai order observing that they had exposure with the PNB and are found to be beneficiaries of the fraud, and without waiting for the report of the SFIO it was not open to exonerate some of the respondents.

"Though it was brought to the notice of the Tribunal that the respondent Companies, individuals including existing and erstwhile Directors, partners, trustees, beneficiaries and their associates or subsidiaries and firms had exposure with the PNB and are prima facie found to be beneficiaries of the fraud.. without waiting for the report of the SFIO it was not open to the Tribunal to exonerate some of the Respondents from the charges," the NCLAT said.

It further said: "For the reasons aforesaid, we set aside the impugned order dated April 2, 2018."

Passing an order on April 2, the National Company Law Tribunal had vacated stay on sale of disposal of assets of the five directors observing that there was "neither an averment nor any incriminating material placed against" them.

Earlier on February 23 this year, allowing the plea of the government, the NCLT had injuncted all companies and individuals from removal, transfer or disposal of funds and properties until its further orders.

restraining them from transfer or disposal of funds, assets and properties.

"As aforesaid persons are entitled to withdraw certain amounts for their subsistence and of their families, we find no ground to interfere with the impugned order of modification dated April 2, 2018, so far it relates to Anil Umesh Haldipur Nazura Yash Ajaney," said a two member NCLAT bench headed by Chairman Justice S J Mukhopadhaya.

Besides, the appellate tribunal has also allowed around 15 other directors to withdraw Rs one lakh per month from their account for their monthly expenses.

This also includes, the above mentioned five directors, who are now barred to access their assets.

"We are of the view that they are also entitled to withdraw certain amounts for their subsistence and of their families, therefore, we allow each of the aforesaid Respondents/Appellants to withdraw a sum of Rs one lakh per month from any of their accounts," said NCLAT in its order.

It further added:" Except to the extent above, the restraint order passed by the Tribunal in regard to removal, transfer or disposal of funds, assets, moveable and immoveable properties of the entities and individuals as already ordered on 23rd February, 2018 shall continue until further orders.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)